Author: Megan Chastain

Protect Yourself From Scammers and Schemers: National Consumer Protection Week March 4 –10

March 4, 2018

It seems like every time you turn on the TV or read something online, someone’s being scammed. It’s really hard to know how to protect yourself these days.

We care about your personal, financial and online safety so it’s a great time for all of us to focus on the Federal Trade Commission’s (FTC) National Consumer Protection Week coming up in early March. Every year, the FTC launches an information campaign to help all of us learn how to better protect ourselves from con artists and scammers. This year the campaign is March 4 through March 10.

Right now is a great time to learn more about your rights as a consumer and how to avoid scams. The more we know, the better we can protect ourselves. Here are several key ways to protect yourself from being taken advantage of:

Scammers often pretend to be connected to companies you already do business with. Never send money or give out personal information in response to an unexpected request from a text, phone call, letter or an email.
Do some quick research. If you aren’t sure about a situation, type a company or product name into your favorite search engine along with words like “review,” “complaint” or “scam.” Or search for a phrase that describes your situation, like “IRS call.” You can even search for specific phone numbers to see if other people have reported them as scams. You can learn a lot by taking five minutes to check before you respond.
Technology makes it easy for scammers to fake caller
ID information, so the name and number you see on your Caller ID may not be real. If someone calls asking for money or personal information, hang up. If you think the caller might be telling the truth, call back to a number you know is genuine. Ask questions and trust your instincts.
A common scam is a phone call with credit or loan offers, mortgage assistance, or even a job. The caller often says you’ve won a prize, but first you have to pay taxes or fees. Don’t participate! If a situation sounds too good to be true, it probably is.

To register a complaint or get more information, call the Federal Trade Commission at 1.877.FTC.HELP (1.877.382.4357) or visit http://consumer.ftc.gov. We want to help you protect yourself. Stay safe!

Are You Self-Employed?

February 16, 2018

For most Conventional mortgages, you are considered self-employed if you own 25% or more of a business.

Ideally you should have a minimum 2-year history of self-employment for your income to be considered reliable and stable for mortgage qualification purposes.

If you plan to use business assets for your down payment or closings costs, the lender must perform additional analysis to ensure the use of these funds won’t negatively impact your business. This typically requires additional documentation.

It’s always best to consult a mortgage professional to assess your specific situation. One of our helpful humans at First Community Mortgage, the Human Mortgage company, is always here to answer any questions you may have.

Source: Fannie Mae

Mortgage Insurance Premiums Get an 11th Hour Tax Break!

February 15, 2018

On February 9th, taxpayers got a surprise break for their 2017 tax returns. The Bipartisan Budget Act of 2018 included a last-minute allowance for private mortgage insurance (PMI) to be deducted for the 2017 tax year. If you plan to take advantage of this one, you cannot also take the standard deduction. Itemizing is required to take this special deduction. Also, if your adjusted gross income is more than $100,000, be sure to check the phase-out limits. There is no word on whether this deduction will continue into 2018.

What is PMI anyhow? When your down payment is less than 20%, most lenders require you to buy private mortgage insurance. This protects against losses should a person default on their mortgage.

Sick of paying mortgage insurance? You might have the home equity to refinance. Call us today for a free no-obligation consultation.

This information does not constitute and is not intended to be a substitute for specific individualized tax planning advice.

The Benefits of Mortgage Pre-Approval

February 7, 2018

Securing a mortgage pre-approval is an important first step in the home buying process. Whether you’re buying your first home or your fifth, this is an important step for success. Some of the benefits include:

Determine Your Price Range – Knowing how much home you can afford helps you focus on the houses that fit in your budget.
Greater Negotiation – Pre-approval offers you more flexibility on contract terms and negotiating the sales price, versus buyers who have not been pre-approved.
Be a Strong Buyer – Sellers know your offer is reliable because your financing won’t fall through.
Fast Track to Closing – Since much of your financial information will already be with your mortgage provider, this typically speeds up the closing process.

First Community Mortgage is here to help with this. Give us a call or apply online today.

Top 5 must do things to protect your home this Winter

January 25, 2018

Winter is upon us! Make sure your home (and you!) make it through comfy and cozy!

Here are 5 key winter home maintenance tips to take care of right away…

Weatherstripping: Each winter, apply new seals on doors and windows. The summer heat can cause the old ones to crack and pull away from the frames.
Insulate: You can add a little bit of foam insulation behind light switch and outlet covers to help keep out the cold!
Thermostat: If you don’t have a programmable thermostat that will adjust to your schedule, set your thermostat to 68 degrees (the most energy-efficient number).
Humidifier: This will be your best friend when heaters dry out your skin and nasal passages!Water heater: Wrap your water heater in an insulated blanket so it doesn’t have to work as hard. This is a money saver!
Sunshine: Open the blinds and curtains to let nature’s furnace warm up your home for free!

Middle Tennessee Loan Originator Recognized Nationally for Protecting, Investing in Real Estate Industry

January 18, 2018

Murfreesboro, TN (January 17, 2018) — The National Association of Realtors® has announced that Lance Dammeyer, a Loan Originator with First Community Mortgage, from Brentwood, TN, has become a “Sterling R Major” investor in the Realtors® Political Action Committee. RPAC is a national bipartisan grassroots-based political advocacy organization that works to protect the real estate industry and the dream of homeownership for Middle Tennessee residents and across the country.

This will be Lance’s first year as an RPAC investor. He has been a member Williamson County Association of Realtors® (WCAR) for three years. He is an elected trustee of the Realtor® Good Works Foundation with WCAR and volunteers on the WCAR Member Services Committee. Lance graduated from the University of Toledo and attended Graduate School at MTSU. He has been in Middle Tennessee for 22 years. He has been a part of Williamson County for 18 years, where he resides with his wife and 3 children.

“I support RPAC because being an active participant and voice as an affiliate is important to my local Realtor® Association – the progression and stability of our joint industries are codependent; therefore, I am 100% committed to assisting where needed,” said Dammeyer.

Since 1969, RPAC has promoted the election of pro-real estate candidate across the United States. The purpose of RPAC is to elect officials who understand and support the interests of real estate professionals and their home buying, selling, and investing clients. RPAC uses its resources to seek to elect candidates that understand and support real estate, and to develop public policies that allow consumers to own homes and build their communities through commercial investment. Lance’s investment will be applied to supporting homeownership, commercial real estate transactions, and the very future of the real estate industry.

Current Realtor® priorities include working to preserve the Mortgage Interest Deduction and preventing the use of guarantee fees charged on Fannie Mae and Freddie Mac-backed loans to fund non-housing programs, which serves as a tax on consumers and prevents more qualified borrowers from becoming actual homeowners.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.